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Bridging Loan For Refurbishment 0117 313 6058

Details sort by initial rateLenderInitial rate Rate type Overall cost for comparisonMax LTVProduct feeMonthly cost Enquire
Initial rate: 0.94%
Rate type: Fixed 24 months
Monthly cost: £561.24 per month
Max LTV: 60%
Product fee: £999
Overall cost for comparison: 3.3% APRC
Nationwide BS logo 0.94% Fixed 24 months 3.3% APRC 60% £999 £561.24 per month get quotes Call us0117 403 4474 Broker Only Deal
Initial rate: 0.95%
Rate type: Fixed 26 months
Monthly cost: £561.92 per month
Max LTV: 60%
Product fee: £1,499
Overall cost for comparison: 3.9% APRC
Platform logo 0.95% Fixed 26 months 3.9% APRC 60% £1,499 £561.92 per month get quotes Call us0117 403 4474
Initial rate: 0.98%
Rate type: Fixed 26 months
Monthly cost: £563.95 per month
Max LTV: 60%
Product fee: £1,999
Overall cost for comparison: 3.7% APRC
Cumberland BS logo 0.98% Fixed 26 months 3.7% APRC 60% £1,999 £563.95 per month get quotes Call us0117 403 4474
Initial rate: 0.98%
Rate type: Fixed 26 months
Monthly cost: £563.95 per month
Max LTV: 60%
Product fee: £1,999
Overall cost for comparison: 3.7% APRC
Cumberland BS logo 0.98% Fixed 26 months 3.7% APRC 60% £1,999 £563.95 per month get quotes Call us0117 403 4474
Initial rate: 0.99%
Rate type: Fixed 24 months
Monthly cost: £564.63 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.9% APRC
Progressive BS logo 0.99% Fixed 24 months 3.9% APRC 60% £995 £564.63 per month get quotes Call us0117 403 4474 Broker Only Deal
Initial rate: 1.00%
Rate type: Fixed 27 months
Monthly cost: £565.31 per month
Max LTV: 70%
Product fee: £999
Overall cost for comparison: 3.0% APRC
Santander logo 1.00% Fixed 27 months 3.0% APRC 70% £999 £565.31 per month get quotes Call us0117 403 4474
Initial rate: 1.00%
Rate type: Fixed 27 months
Monthly cost: £565.31 per month
Max LTV: 70%
Product fee: £999
Overall cost for comparison: 3.0% APRC
Santander logo 1.00% Fixed 27 months 3.0% APRC 70% £999 £565.31 per month get quotes Call us0117 403 4474 Broker Only Deal
Initial rate: 1.02%
Rate type: Fixed 26 months
Monthly cost: £566.67 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.9% APRC
Skipton BS logo 1.02% Fixed 26 months 3.9% APRC 60% £995 £566.67 per month get quotes Call us0117 403 4474 Broker Only Deal
Initial rate: 1.05%
Rate type: Fixed 25 months
Monthly cost: £568.71 per month
Max LTV: 60%
Product fee: £999
Overall cost for comparison: 3.3% APRC
Barclays Mortgage logo 1.05% Fixed 25 months 3.3% APRC 60% £999 £568.71 per month get quotes Call us0117 403 4474 Broker Only Deal
Initial rate: 1.05%
Rate type: Fixed 27 months
Monthly cost: £568.71 per month
Max LTV: 65%
Product fee: £999
Overall cost for comparison: 4.3% APRC
Leeds BS logo 1.05% Fixed 27 months 4.3% APRC 65% £999 £568.71 per month get quotes Call us0117 403 4474 Broker Only Deal
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Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

 

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

 

In this example the overall cost for comparison is 3.7% APRC representative.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

Bridging Loans for Refurbishment

Bridging loans are often used for refurbishment projects as they offer a quick, flexible way to borrow money against property when other types of funding is not an option.

Bridging Loan Calculator - Market Leading Rates From 0.49% pm »

A bridging loan for refurbishment purposes can give you the money both to buy an investment, or buy to let property, and carry out all the necessary work to bring it up to a liveable standard.

Bridging loans are usually offered over up to 18 months, although longer loan terms may be achievable depending on the lender and borrower. Funds can often be accessed within as little as a few days of an application.

Reasons to use bridging loans for refurbishment projects

There are various reasons to use a bridging loan for a property refurbishment.

Common reasons include:

  • The property is unmortgageable (often due to the lack of a working bathroom or kitchen)
  • To use as auction finance (because a mortgage cannot be secured fast enough to meet the 28 day limit for completing a purchase after the auction date)
  • To secure a refurbishment opportunity while your funds are tied up elsewhere
  • To get a project moving forwards when other sources of funding have stalled

Bridging Loans For Property Refurbishment

The cost of bridging loans for refurbishment

Refurbishing property can be a good investment, but it is important to carefully consider the cost of your financing to make sure you see the best return on investment.

With a bridging loan you will usually pay:

  • An arrangement fee (generally 1-2% of the total capital, paid when the loan is taken out)
  • An exit fee (also normally 1-2% of the capital, paid when the loan is repaid – however, not all lenders charge exit fees)
  • Monthly interest (you may have the option to roll-up your interest and pay it as a lump sum when the loan is repaid)

Compare bridging loans for refurbishment projects

Our free bridging loan calculator makes it fast and easy to find the lowest fees and interest rates on bridging loans for refurbishment projects. All you need to do is share some basic information about your borrowing needs and finances and we will do the rest.

Looking for bridging loans for refurbishment projects? Get in touch with our friendly expert team of loan brokers using the contact form on the right or by calling 0117 313 6058.

Bridging Loan Calculator - Market Leading Rates From 0.49% pm »

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Bridging Loans